Amid Selloff and Controversy, Venezuela Plots Cryptocurrency Launch

Investing.com - Cryptocurrency prices may be under pressure because of worries about new government regulation in Asia, but that isn't stopping Venezuela from pushing ahead with the launch of its digital currency.The launch of the government's oil-backed cryptocurrency, known as the petro, is now planned for February 14. It had been expected to launch around the new yearPresident Nicholas Maduro plans to go ahead with the launch even though the country's opposition-led parliament has declared the petro illegal, The plan is to first offer the currency to institutional investors, possibly at a discounted price. It will then be sold to retail investors. The government wants to issue 100 million coins, each one backed by a barrel of crude oil. Venezuela hopes to raise several billion dollars to help the cash-strapped government cope with a deep recession.